OPEC Heads of Delegation hold further consultations

In view of market developments and following OPEC’s 178th Extraordinary meeting today, the Heads of Delegation of the OPEC Conference held further consultations and decided to recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.

The consultations, monitoring and constant review undertaken of current market conditions demonstrate the strong commitment of OPEC Member Countries to work together to restore oil market stability. Declaration of Cooperation members are determined to jointly rise to meet the current pressing challenge.